Over the last few years, trade relations between India and the United Arab Emirates have picked up more especially since the Comprehensive Economic Partnership Agreement (CEPA) was signed between the two in 2022. India-UAE bilateral trade topped $100 billion in 2024-25, up from $72.87 billion in 2020-21. Notably, non-oil trade has since a close to 34 per cent rise in the first half of 2025 to $37.6 billion.
In a conversation with THE WEEK, Mohamed Al Marzooqi, the CEO of UAE, HSBC Bank Middle East, sees the trade between the two countries growing significantly, given the strong trust and relations the two countries have with each other.
“The UAE-India corridor is built on talent, meaningful investment flows, and technology that enables scale. Combined with the strong trust shared between the UAE and India, and with the right platforms connecting both markets—the corridor is positioned to thrive even further," said Marzooqi.
He pointed that according to HSBC's Global Trade Survey, 35 per cent of businesses from the technology, media and telecom sector in UAE are increasing sales in India which is above the global average of 17 per cent.
The Jebel Ali Free Zone houses some 2,300 Indian companies, which is a 15 per cent year-on-year increase and is a major contributor to trade volume between the two countries, facilitating around $6.9 billion in trade last year.
Over the past few years, the UAE, particularly Dubai and Abu Dhabi, has emerged as one of the top destinations for wealthy investors and entrepreneurs from around the world, including Indians. Indians are now among the largest investors in Dubai’s real estate market, investing close to AED 35 billion in 2024, according to industry reports.
Marzooqi points to speedy decision-making, quality and continuation in infrastructure investments as key attributes that have made the UAE a thriving investment destination in the Middle East. He also points out that the UAE offers a safe environment for businesses and families.
"The UAE accounted for 37 per cent of all foreign direct investment inflows into the Middle East region. Out of every $100 invested in the region, $37 comes to the UAE," he stated.
He further noted that while realty prices have gone up, both Dubai and Abu Dhabi continue to be much more affordable than many other cities in Asia, and that is why there is a real estate boom in the UAE.
In fact, various reports over few years have noted that properties in Dubai are comparatively affordable than even some of the prime locations in Mumbai.
HSBC is the largest international bank in the UAE, according to Marzooqi. The London-headquartered bank opened its first Middle East Wealth Centre in the UAE in September this year.
The rising Indian interest in the UAE is a growing opportunity for banks. "Today, the UAE and India stand as each other's most significant partners. Both nations are among the other’ top three trading partners, and last year they traded more than USD100 billion in two-way trade. Non-resident Indians represent the largest expatriate client base for HSBC in the UAE," pointed Marzooqi.
He noted that the region is delivering some of the most ambitious economic transformation plans in the world, from traditional energy to renewable energy, advanced manufacturing to medical treatment, from aviation to tourism, or from technology to logistics.
